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作者：Ang, Andrew; Bhansali, Vineer; Xing, Yuhang
作者单位：Columbia University; National Bureau of Economic Research; Rice University
摘要：Implicit tax rates priced in the cross section of municipal bonds are approximately two to three times as high as statutory income tax rates, with implicit tax rates close to 100% using retail trades and above 70% for interdealer trades. These implied tax rates can be identified because a portion of secondary market municipal bond trades involves income taxes. After valuing the tax payments, market discount bonds, which carry income tax liabilities, trade at yields around 25 basis points highe...
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作者：Dick, Astrid A.; Lehnert, Andreas
摘要：We document a link between U.S. credit supply and rising personal bankruptcy rates. We exploit the exogenous variation in market contestability brought on by banking deregulation-the relaxation of entry restrictions in the 1980s and 1990s-at the state level. We find deregulation explains at least 10% of the rise in bankruptcy rates. We also find that deregulation leads to increased lending, lower loss rates on loans, and higher lending productivity. Our findings indicate that increased competi...
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作者：Lowry, Michelle; Officer, Micah S.; Schwert, G. William
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Loyola Marymount University; University of Rochester; National Bureau of Economic Research
摘要：The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during hot IPO markets. Consistent with IPO theory, the volatility of initial returns is higher for firms that are more difficult to value because of higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and raise serious questions about the efficacy of the traditional firm-commitment IPO proc...
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作者：Almazan, Andres; De Motta, Adolfo; Titman, Sheridan; Uysal, Vahap
作者单位：McGill University; National Bureau of Economic Research; University of Oklahoma System; University of Oklahoma - Norman
摘要：This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms located within industry clusters make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outsid...
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作者：Cooper, Michael J.; Gulen, Huseyin; Ovtchinnikov, Alexei V.
作者单位：Utah System of Higher Education; University of Utah; Purdue University System; Purdue University; Vanderbilt University
摘要：We develop a new and comprehensive database of firm-level contributions to U.S. political campaigns from 1979 to 2004. We construct variables that measure the extent of firm support for candidates. We find that these measures are positively and significantly correlated with the cross-section of future returns. The effect is strongest for firms that support a greater number of candidates that hold office in the same state that the firm is based. In addition, there are stronger effects for firms...
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作者：Gomes, Joao F.; Schmid, Lukas
作者单位：University of Pennsylvania; Duke University
摘要：This paper revisits the theoretical relation between financial leverage and stock returns in a dynamic world where both corporate investment and financing decisions are endogenous. We find that the link between leverage and stock returns is more complex than static textbook examples suggest, and depends on the investment opportunities available to the firm. In the presence of financial market imperfections, leverage and investment are generally correlated so that highly levered firms are also ...
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作者：Hsu, Hung-Chia; Reed, Adam V.; Rocholl, Joerg
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry and positive stock price reactions to their withdrawal. Following a successful IPO in their industry, they show significant deterioration in their operating performance. These results are consistent with the existence of IPO-related competitive advantages through the loosening of financial constraints,...
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作者：Busse, Jeffrey A.; Goyal, Amit; Wahal, Sunil
作者单位：Emory University; Arizona State University; Arizona State University-Tempe
摘要：Using new, survivorship bias-free data, we examine the performance and persistence in performance of 4,617 active domestic equity institutional products managed by 1,448 investment management firms between 1991 and 2008. Controlling for the Fama-French (1993) three factors and momentum, aggregate and average estimates of alphas are statistically indistinguishable from zero. Even though there is considerable heterogeneity in performance, there is only modest evidence of persistence in three-fac...
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作者：Gatchev, Vladimir A.; Pulvino, Todd; Tarhan, Vefa
作者单位：State University System of Florida; University of Central Florida; Northwestern University; Loyola University Chicago
摘要：We develop a dynamic multiequation model where firms make financing and investment decisions jointly subject to the constraint that sources must equal uses of cash. We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior. We use our model to examine whether firms ...
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作者：Andersen, Torben G.; Benzoni, Luca
作者单位：Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We propose using model-free yield quadratic variation measures computed from intraday data as a tool for specification testing and selection of dynamic term structure models. We find that the yield curve fails to span realized yield volatility in the U.S. Treasury market, as the systematic volatility factors are largely unrelated to the cross-section of yields. We conclude that a broad class of affine diffusive, quadratic Gaussian, and affine jump-diffusive models cannot accommodate the observ...
